Softbank is playing such a crucial role in the proceedings because, well, it can. The company earlier this year announced a $20.1 billion cash investment in Sprint that would give it about 70 percent ownership in the carrier. The deal includes an $8 billion cash investment and $12.1 billion in equity purchases.

Reports have been swirling for months that Softbank was considering buying out Clearwire, but it would only do so through Sprint and at the right price. It appears now that the price it wants to pay is much lower than Clearwire shareholders expect.

The debate over a Clearwire takeover price fails to consider that the company's shares are currently trading well below the $5 price and slightly above Softbank's ceiling. As of this writing, Clearwire is down 2 cents to $3.14. The company's shares were boosted yesterday after word of Sprint's discussions were made public.